Tarcísio de Freitas, governor of São Paulo state and a former infrastructure minister under Bolsonaro, told reporters Thursday that the U.S. tariffs would have a negative impact on the economy and for important industrial exporters from his state, including Brazilian plane maker Embraer.

President Donald Trump’s threat to boost import taxes by 50% on Brazilian goods could drive up the cost of breakfast in the United States.

The stock market shrugged at the letters; investors are now used to the president saying something nuts and then doing nothing.